Resolved - OCTAFX - Maxi Fraud 105.000€

[OctaFX Rep]

Dear AsstModerator,

You will find all our withdrawal methods here: https://www.octafx.com/deposit-and-withdrawal/

The proposed idea of depositing a modest amount via other methods will be in violation of section 13.7 of our Customer Agreement, which reads as follows:

´´In case the account was deposited by various means, withdrawal shall be performed via the same means proportionally to the deposited amounts.´´

In this case, foixx would have to deposit an amount equivalent to all his Neteller deposits to enable whatever other means of withdrawals.

Also, what is important to realise is that the proportional rate between the payments methods used by the client must be maintained to satisfy the AML verification process. Regrettably this is not the case in foixx’s situation.

And in relation to our latest post, it seems like it has been disregarded and only the first sentence has been taken into consideration. Therefore, we shall repeat once again, that we are bound by a daily limitation and to ensure a smooth payouts schedule foixx will receive his funds on weekly basis as per agreement.

Thank you for your time and consideration.

Kind regards,
OctaFX Rep.

OctaFx Representative,

You have indicated that a 40k withdrawal could be processed by some method right now. This means that any limitations on the methods you are using to pay Foixx do not apply to some other withdrawal methods which are available to other clients.

At most brokers, if I deposit by any means and make a profit, the usual procedure is to withdraw my initial deposit by the original deposit method/ Any profits can then be withdrawn by any supported withdrawal method, subject to me verifying that the account I'm withdrawing to be verified as belonging to me.

If other clients can successfully make large withdrawals by other means, why won't OctaFx permit Foixx to utilize these other methods? He's already indicated a willingness to make a modest deposit by other means to satisfy any AML concerns.

Please provide a list of all available methods of withdrawals supported by OctaFx and the requirements Foixx would have to meet in order to be able to use these.

 

[foixx]

Despite I prayed the Broker to stop providing this kind of ambiguous, vague and evasive answers........no way !!!.....this his last reply is "the mother" of all the contradictory answers.

"You will find all our withdrawal methods here: https://www.octafx. com/deposit-and-withdrawal/"
It's clear that OctaFx offers only two methods for withdrawals: Skrill and Neteller. This means that ALL his clients can withdraw using ONLY these two methods.

"In this case, foixx would have to deposit an amount equivalent to all his Neteller deposits to enable whatever other means of withdrawals."
But....what are you talking about....what other means of withdrawals?.....you don't offer any other means and I'm already payed using Neteller and Skrill !....your only two means !
In fact....: "With all due respect to Foixx’s posts and reference to our customer agreement we are unable to withdraw his funds via bank wire."

"A customer who places a single request of 40k should not encounter any issues with withdrawing."
This hipotetical client would be payed using Skrill or Neteller, like anybody else. So.... you would be able to pay 40000€ in one single request (or in several little splitted requests in exceptional cases of high demands in withdrawals, but in any case payed ALL in few days, in compliance with your Customer Agreement....so the client has not any issue with it), while at the same time, you can state that I can't have FOR SURE ("OctaFX cannot pay out foixx’s funds all at once due to certain limitations") this kind of high amounts in few time, with consequently.....MONTHS AND MONTHS of waiting to have payed back all my money.

Maybe that my case is atypical? ......"We typically process all withdrawals in one request, but in this specific case we had to ask foixx to submit several withdrawal requests."........"Also, we will not sacrifice other clients’ withdrawals to be able to satisfy foixx"
But ......no....because you wrote as well: "To clarify we never considered foixx’s case atypical."

In conclusion........I SURRENDER ! Really impossible to understand something here, without any clear and non-contradictory answers.

At the same time I have a good news. Yesterday I have received another 5000€ payment, adding to 10000€ this Monday....a total of 15000€ this week. (60000€ remained in the account....was 105.000€ at the beginning of this thread)
I couldn't help noticing his increase willingness to resolve the situation, despite his pretty clear financial difficulties.

And in addition, while in his previous reply, the Broker wrote: "You will receive a 10,000 withdrawal this week. We will do our best to ensure that this amount is being paid to you on weekly basis...."........that, as his usual, it's not a clear promise.....it could happen, but, at the same time, it couldn't happen, despite his "our best to ensure...."......instead this time he was much more clear, writing in his last reply: ".....and to ensure a smooth payouts schedule foixx will receive his funds on weekly basis as per agreement."
I emphasize....AS PER AGREEMENT.....and I was absolutely clear in my previous post that an agreement is reached only if he can assure me a MINIMUM payment of 10000€ a week.

@AsstModerator , can FPA take this last answer as a formale promise that this new 10000€ minimum weekly payment will be honored? ( @OctaFX Rep .... talk clearly now if you have to disprove this agreement)
This means that I will have payments for a maximum of another 6 weeks......Good lord willing I will be able to celebrate a peaceful Christmas !....and this compromise, in consideration of all these circumstances, as I said, can be acceptable for me.

In this case........AsstModerator...... before to put a warning in his review page....can you wait if there is someone other client that have a complaint to do about his withdrawals with OctaFx?
Because, if my hypothesis, explained in my previous posts (the Broker has lost money with me in your Market Maker MT4 Micro account), is correct but the Broker doesn't want to admit it......probably in this moment I'm the only client with this kind of withdrawal problem.....and in this case ......a GLOBAL warning, valid for all his clients and new potential clients, in my opinion, couldn't be the fairest solution to apply.

Fairest, in my opinion, will be to proceed with a the Traders Court public voting, only in case the Broker fails to honor the agreement with me.....in order to punish this despicable behavior, exceptionally conducted in my specific case.

 

[L0STCTRL]

I don't like this kind of approach by the company ... I'm checking this twice and they clearly state that when possible they will make a 10k payment weekly ... If Octafx won't state this clearly what limitations those are, a warning is more than sufficient on their pages, with a reference to this post. IMO if there is no answer till Monday, a notice should be left, or a court should take place

 

[foixx]

I have just received a weekly payment of 20.000€ with Skrill.....what a nice surprise!....an amount even double compared to the agreement reached.
A total of 35.000€ payed in only 2 weeks against 7 weeks needed with the previous little 5000€ weekly payment ratio.
Only 40.000€ now remains in the account....was 105.000€ at the beginning of this thread.
@AsstModerator .......in my view, it's pretty clear that now @OctaFX Rep has really the full willingness to solve my case as soon as possible.
For this reason I'm very optimist about the next weekly payments and so the case may be declared as resolved very soon.
I'll keep you posted.

 

[foixx]

"For this reason I'm very optimist about the next weekly payments and so the case may be declared as resolved very soon."

Too much beautiful to be true......I spoke too soon !
This week I have received again only a little 5000€ payment....as it was usual before the "supposed" agreement (I hope that this is not only my delusion !)
Considering that.... last week I have received a double amount...20.000€.....I want to be sympathetic and so....I consider the agreement not yet broken up.
Nevertheless I hope that next weeks @OctaFX Rep wants to return to pay me a minimum of 10000€ per week, as per agreement.
I'm very tired to fight....(almost 4 entire months are already passed since my forcibly account closure !) and I very much hope that...this time... the Broker will have really the willingness to honor the agreement for the future.
We shall see !!!

 

[foixx]

A big 20.000€ payment is arrived this week....very well !......I appreciate the effort.
Only 15.000€ still in the account now.
I start again to be optimist and I really hope that all the refund can be completed within the next 2 weeks, as per agreement.

 

[foixx]

Even my last payment is arrived today.....now all the refund has been completed.
@OctaFX Rep has fully honored our agreement and for this reason, on my part, this case can be considered fully resolved.
OctaFx has showed of not being a Scam Broker, even if he has to work hardly on his transparency about his conditions and limitations applied to his clients.
Thanks again to @AsstModerator and FPA for all the help provided.
I would like to take this opportunity to wish to all the forum members a Merry Christmas and a Happy New Year.

 

[ruseneca]

I would like to take this opportunity to wish to all the forum members a Merry Christmas and a Happy New Year.

Thanks, you too!
I were reviewing the whole case, a complete nightmare. Next time refrain from trading with 1 lot and €30,000 in your balance, professional traders use strict money management! Most of the brokers would block your account immediately if you use 7-9 years-old strategies when swaps were somewhat higher

Anyway, I consider this broker as a SCAM from now on, disregarding of the status in the forum. They do have problem and it is called "liquidity" - the main reason for being unregulated. All authorities insist on very high numbers when it comes to liquid funds and it seems that OctaFX cannot reach them. I'm glad I withdrew everything a year ago ( some dollars ).

As per videos uploaded - I must say that sometimes it is normal to experience high slippage, even more than 5 pips, when you open 1 or more lots ( 1 lot = 100K ). This volume will trigger the alarm for the broker and the order will be executed with te ECN system, e.g. your order will be executed in the market where prices are different and they come with volumes. If there's not enough volume for the price specified, a new price is chosen. So, slippage is normal! HOWEVER, slippage from OctaFX is constant and in the same amount of pips You should have thought of withdrawing everything from this broker after 4-5 deals. Else, it's a financial suicide!

 

[lebronteow]

Honestly speaking, after go through this thread make me loose confidence with Octa, luckily i just traded demo with this broker....

 

[scream007]

Your case is a nightmare , thanks god you received all your money , I have a real account with them but I dont trade with it
I consider this Company "octafx" as a scam broker , Thank you for exposing them